JPMorgan analyst Bryan Smilek initiated coverage of Etsy (ETSY) with a Neutral rating and $50 price target Etsy is a leading online marketplace focusing on unique and creative goods, the analyst tells investors in a research note. The firm says Etsy is improving its social commerce offering but that its consolidated gross merchandise sales declined annually over 2022 to 2024, driven by macro headwinds, a promotional and competitive retail market, and category mix. JPMorgan recognizes macro headwinds and competition are impacting the business, but believes the company’s sales trends could improve sequentially throughout 2025.
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